Frequently asked questions relating to Weymouth leasehold conveyancing
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it more attractive. I have just been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Weymouth. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Weymouth ?
Most houses in Weymouth are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Weymouth so you should seriously consider looking for a Weymouth conveyancing solicitor and be sure that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer will appraise you on the various issues.
My wife and I purchased a leasehold house in Weymouth. Conveyancing and Halifax mortgage are in place. A letter has just been received from someone claiming to own the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1993. The conveyancing solicitor in Weymouth who acted for me is not around.Any advice?
First make enquiries of HMLR to be sure that the individual claiming to own the freehold is indeed the new freeholder. You do not need to instruct a Weymouth conveyancing lawyer to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a two flats in Weymouth both have in the region of 50 years remaining on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease reduces and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this field
I've recently bought a leasehold house in Weymouth. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
What are your top tips when it comes to finding a Weymouth conveyancing practice to deal with our lease extension?
When appointing a solicitor for lease extension works (regardless if they are a Weymouth conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Weymouth conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions could be useful:
- How familiar is the firm with lease extension legislation?
- Can they put you in touch with client in Weymouth who can give a testimonial?
I own a garden flat in Weymouth, conveyancing formalities finalised 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Weymouth with a long lease are worth £171,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease expires on 21st October 2083
With just 57 years remaining on your lease we estimate the price of your lease extension to range between £24,700 and £28,600 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.